Early retirement and annuity


Q. I can’t wait for another year to stay with my agency. What would I lose if I retired at 61 instead of 62 years old?

A. Assuming that you have at least 20 years of service, your annuity would be computed using the .01 multiplier instead of .011 if you waited to retire until age 62. If you had fewer than 20 years of service, it wouldn’t make any difference. The multiplier would stay at .01 under either scenario.


About Author

Reg Jones was head of retirement and insurance policy at the Office of Personnel Management. Email your retirement-related questions to fedexperts@federaltimes.com.


  1. I’m retiring at 62, Voluntary Optional Retirement, CSRS Offset, with 19 years of service. Does my annuity be computed at .011 multiplier ?

    • The CSRS part of your annuity will be computed using the standard CSRS formula. The FERS part will be computed using the FERS formula. The two will then be combined. Since you don’t have 20 years of service, the .01 multiplier will be used to compute the FERS portion.

  2. I’m CSRS Offset, Is it applies to us or FERS only ? I will be retiring at 62 with 19 years of service. Thanks

    • Since you are 62 years old and have at least 5 years of service, you can retire whenever you want. Because you are covered by CSRS Offset, your CSRS annuity will be reduced by the amount of the Social Security benefit you earned while a CSRS Offset employee. The total amount you receive will be the same; it will just come from two different places – OPM and the Social Security Administration.

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